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The Obama administration signaled months ago that it would be willing to extent current tax rates because the economy was in terrible shape. Today, the unemployment rate is even higher. Everyone knows that it makes no sense to raise taxes on our most productive small businesses, the engine of job growth in America, with an unemployment rate close to double digits. Almost all academic studies, including one by former Council of Economic Advisers chairwoman Christina Romer, show that higher taxes lead to less economic activity and fewer jobs.

In 2012, with a presidential election and the fate of the Democratic Senate majority in balance, it would be suicidal for Democrats to campaign on a platform of raising taxes. So 2012 might be worse for liberal ideologues, but it should produce better results for the American people, most of whom have jobs at the top of their Christmas wish list.

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